Although anyone can trade with an unauthorized and unregulated broker but the risks should be beard by the trader and they can not file any dispute with any regulatory body. It means at the time of fraud or scam traders can not request authorities like FCA or any other entity to get back the funds from a particular broker.

So it is adviced to stay away from unregulated forex broker and always trade with regulated brokers such as etoro broker and others. You can find several simply by searching in google with the following keywords.

I am surprised that in a country like UK there are companies doing financial business without being regulated and the FCA know that they have cheated investors and traders and not taking any action against them ?? I never thought this was possible in UK ……. I always thought UK is not a thrird world country and there are systems and controls and law and order but now i have reason to believe similarities.